Claiming that the records of the last 78 years since independence have ‘collapsed’ during the last 11 years of the Prime Minister Narendra Modi-led NDA government, Congress MP Deepender Hooda on Friday said the state of the economy has moved towards ‘anarchy’.
Hooda, while initiating the discussion in the Lok Sabha on the Supplementary Demands for Grants for the year 2025-26 – First Batch and related Appropriation (No. 4) Bill, 2025, also said that this government claims to make many records in the economy, but during its tenure, the gap between the poor and the rich has increased, the rupee has reached the lowest level against the dollar, monopolization of one or two companies in many sectors and the debt on the Center and the states has increased. Records have been made of more than 82 percent.
Hooda claimed that many experts have raised questions on the new method of measuring growth rate in this government and the IMF (International Monetary Fund) has given this evaluation method a C grade. He said that while the average growth rate in the ten years of the Congress-led UPA government was 8.1 percent, if we go by the figures of this government itself, the average growth rate in the last 11 years has come down to 5.75 percent.
Taking aim at the government, Hooda said, “The records of 78 years have fallen during your time.” During your tenure the rupee is at its lowest level in 78 years. Rupee has been the worst performer compared to other Asian currencies. This record has been made during your time.” He said that the current account deficit was the highest in any single month in 78 years last October, which was 1.3 percent of the gross domestic product (GDP) and it is expected to increase further next year.
Hooda said that a record of inequality has been made in this government and the gap between the rich and the poor has increased not only in 78 years but also in 100 years as per the available data of 1922. Claiming that there is a monopoly of one or two companies in many sectors including aviation, telecommunication and media in the country, he said that during the UPA government, there were a large number of companies in every sector, but in this government these sectors have been reduced to one or two companies.
Hooda claimed, “Only two companies have 65 percent market share in the aviation sector. In our time, there were many companies in telecom, today only two companies hold 80 percent shares. He said that the pattern of unemployment has changed in this government and in the last three years, people are leaving the manufacturing and service sector and coming to the agriculture sector, which is a very worrying situation.
Hooda said that during the NDA government, the total debt of the states and the Center together has increased to 82 percent of the GDP, which is more than all the peer economies of the country where this level is not more than 30-40 percent.
He alleged that in this government, loans are taken to win elections. Hooda said, “The number of BPL card holders has been increased before the 2024 assembly elections in Haryana. 75 percent population of the state was made BPL. They were given free ration for four-five months and now, a year after the elections, half the ration cards were cut again.
He said that the slogan of ‘Startup India’ was given in this government, but the reality is that last year 6,500 startups were closed and the campaign became ‘Shutdown India’. Hooda said, “If we look at all these things, at present the situation of our economy is moving towards chaos.”
Regarding the demands for grants, he said that in important sectors like education, defense etc., allocation is being made much less than recommended. Hooda said, “If we look at the percentage of GDP, the lowest allocation made to the defense sector last year since 1962 is only 1.9 percent of the GDP.” Before this it has always been more than two percent.
He also claimed that the growth in agricultural production has reduced from 22 percent to 6-8 percent. Hooda said, “Farmers in the country are not even getting MSP. Cotton is being imported from abroad and its farmers are not being given MSP.
This is your (NDA’s) model of self-reliant India?” Referring to making Ahmedabad the host city for the Commonwealth Games, he said that the state of Haryana, which is leading in sports, should be made the co-host in it.
